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Dec. Ses. 1825.
Annual election
of directors
and president—
vacancies. |
JOSEPH KENT, ESQUIRE, GOVERNOR.
7. And be it enacted, That the stockholders
shall meet annually
on the first thursday in December, or on such day within
sixty days thereafter, and at such place as the directors shall
appoint, for the purpose of electing from among the stockholders
seven directors, who shall choose a president from among their
own number; and the directors so elected shall be entitled to
hold their offices, and a majority of them to fill all vacancies
which shall occur in their own body or in the office of president,
by death, resignation, or ceasing to be a stockholder until the next
annual election. |
General
powers granted. |
8. And be it enacted, That the directors,
or a majority of
them shall have full power to appoint and employ, and in their
discretion to remove or dismiss a secretary, treasurer, and all
such other officers, clerks, agents, mechanics, laborers and servants,
as they shall deem necessary from time to time to attend
to, and transact or execute all the affairs and business of the
company, and fix their compensation; to contract, agree for and
purchase, rent, or hire, all such lands, chattels, materials, rights,
privileges, and effects whatever, and to make and repair, or
cause to be made and repaired, all such roads, wharves, boats,
vessels, carriages, and other conveniences as they shall deem
necessary, for effecting the objects of the company, and the same,
or any part thereof in their discretion to sell or otherwise dispose
of; to call for monthly or other instalments of the stock
not exceeding ten dollars on each share per month, on at least
two weeks notice being given; to apply the said instalments
when received and all other funds of the company, so far as
may be necessary to effect the objects aforesaid, and in payment
of the necessary expences of the company; and to pass all such
resolutions and bye-laws as may be necessary to carry into
effect the powers vested in them by this charter, and the said
resolutions and bye-laws to alter, repeal, annul or renew—subject
nevertheless to the revision and control of the stockholders,
in the manner hereinafter provided. |
Powers and
proceedings
respecting
roads, &c. |
9. And be it enacted, That the treasurer
before he proceeds
to act, shall give bond to the said corporation, in such penalty
as the directors shall prescribe, and with such sureties, other
than directors, as a majority of the directors shall approve; conditioned
that he shall faithfully execute the said office of treasurer,
and account for, pay and deliver at such time and times,
and to such person and persons, as the said directors shall require
and direct, all monies, notes, and other securities, papers
and effects belonging to the said corporation which shall be entrusted
to his care, or be in his possession. |
Powers and
proceedings
respecting
roads, &c. |
10. And be it enacted, That the directors
or a majority of
them shall have power to cause to be laid out, and, with the
consent of the owners of the land, to open and make passable any
road or roads from any landing place which they shall deem
convenient to use on the Chesapeake Bay, or on any of the rivers |
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